The Wall Street Journal has more information on the AIG bonuses. The number is $450,000,000 and - you won't believe it - this is being paid to the staff of the financial products group, the group that caused the implosion of AIG. What in the Lord's name is going on?
AIG claims that they are contractually obligated to pay this enormous sum. Well, I guess their lawyers are as inept as their financial people. They're telling us that bonuses are due even though the company has for all practical purposes gone belly up. I have a great deal of difficulty understanding this.
And then these greedy bastards are paying out another $121,500,000 in incentive bonuses. Incentives for what? To continue to manage this company totally into the ground? To stay because there is such a demand for their services in a financial climate where layoffs are happening every day?
Liddy, the board and the rest of their cronies should accompany Mr. Madoff to jail.
I know that I shouldn't get excited. After all, it's less than a half percent of the $173 billion we've given them so far. Note that 'so far'. They'll be back at the trough soon.
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